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KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on Nov 20, due to selling by both local and foreign investors on their concerns over increasing Corona cases and prevailing political situation in the country.

BRIndex100 lost 24.56 points on week-on-week basis to close at 4,168.32 points. Average

daily trading volumes stood at 150.433 million shares.

BRIndex30 decreased by 258.91 points to close at 20,945.48 points with average daily turnover of 99.389 million shares.

KSE-100 index declined by 382.17 points on week-on-week basis and closed at 40,187.18 points. Trading activities remained low as average daily volumes on ready counter decreased by 40.9 percent to 171.22 million shares as compared to previous week’s average of 289.69 million shares. Average daily trading value declined by 34.4 percent to Rs 6.89 billion.

The foreign investors remained net sellers of equities worth $6.568 million during this week while mutual funds followed suit with a net sell of $6.6 million, which was absorbed by Individuals and Companies with net buy of $6.4 million and $4.3 million respectively. Total market capitalization declined by Rs 58 billion to Rs 7.407 trillion.

“Continuing with previous week’s trend, KSE-100 index shed 0.94 percent on week-on-week basis to close at 40,187 points where surge in COVID -19 cases (average positive rate of 6.7 percent versus 5.6 percent previous week) and announcement of smart/micro lockdowns in major metropolitan centres dampened market sentiments”, an analyst at AKD Securities said.

Amongst major sectors, E&Ps and OMCs lost 2.2 percent and 1.8 percent despite 4.1 percent increase in Oil prices as investors opted for profit-taking, followed by Cements (down 1.2 percent) and Autos (down 1.1 percent) whereas in other sectors, Vanaspati and Allied Industries segment gained 5.1 percent.

Top gainers during the week were ILP (up 8.2 percent), NCL (up 5.8 percent), UBL (up 4.3 percent), EPCL (up 3.7 percent) and FABL (up 2.8 percent), while laggards were COLG (down 8.0 percent), STJT (down 7.5 percent), NATF (down 7.4 percent), SYS (down 7.4 percent) and DAWH (down 6.9 percent).

An analyst at JS Global Capital said that the KSE-100 index remained range-bound this week, closing 0.9 percent down as concerns over rising Covid-19 cases in the country, which in addition to political noise, continued to influence investor sentiments.

To control the spread of Covid-19, the government has begun to implement necessary restrictions. On the political front, the current ruling party gained a commanding majority in the Gilgit-Baltistan elections.

Sector-wise performance showed Refineries (down 3.6 percent) and Oil & Gas Exploration Companies (down 2.2 percent) among the key losers.

Copyright Business Recorder, 2020